ST. PETERSBURG, June 19. /TASS/. The countries of the Eurasian Economic Union (EAEU) continue to negotiate a common gas market, Deputy Prime Minister of Russia Alexey Overchuk said in an interview with TASS on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
"The negotiations are ongoing. What position did we convey to our colleagues on the creation of a common gas market? Decisions on the formation of a common gas market were made in completely different economic conditions. It was 2011. Obviously, at that time there could still be bright hopes that an invisible hand of the market will be able to balance supply and demand. However, the structure of the gas market has its own peculiarities, and the rules of the classical market do not always work here," Overchuk explained.
"Last year, we all saw on the example of the spot markets in Europe how the price jumped above $3,000 per 1,000 cubic meters. Imagine what situation the economies of our friends in the EAEU could have found themselves in if we had done the same," he said.
According to him, although Russia is a gas seller, but ultra-high prices pull the rug out from under the feet of consumers, and Moscow does not need it either. Overchuk assured that Russia stands for stable, predictable, long-term relationships that take into account the interests of sellers and buyers.
"And of course, this led us to certain thoughts. It is obvious that the long-term gas contracts that underlie our gas market provide much greater predictability and are beneficial to both consumers and suppliers," he added.
"Negotiations are underway, there are nuances, but it seems that our partners understand that the Russian position has a serious basis," Overchuk said.